Hello!  My name is amanda and I'm trying to learn a little more about different types of mortgages and how this all works!  I will be buying in the near future and am hoping to learn a lot. Fortunately I have been assigned (via creative finance class) to complete a task that I hope you all could help me with.  I have developed a character (42 year old male veteran with a credit score of 700....who has 2500 in checking and 10000 in savings makes 24700 in base pay and 24000 a year in commissions).  This character named john is hoping to buy a 200,000 home.....my question to you is what are his options?  VA loan, I know...what other types of loans...I need information on various mortgage options that include points, rates, and down payment options....I can do all the math myself.  If anyone could help me out here it would be greatly appreciated!!!!

Look into this website.  http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

I am not sure where the property is but if he qualifies for the USDA Rural housing, this could be a beter fit than VA.  This program allows for up to 102% financing, you can roll some of the closing costs into the mortgage.  It has been a while since I have done one, so I am not sure if this program has monthly MI oayments or not.

If you have more questions, feel free to contact myself or someone in the directory on this website.

To me his options are VA - Zero down, FHA - 3.5% down, or conventional - 5% down (but he would probably need to have the seller pay his closing costs).

Rates will be roughly the same on these programs but the VA would save a ton by avoiding the high PMI payments.

The VA is such a no brainer that it would be the best option to truly consider.

Good Luck,

Jason